EBRD continues to work towards a sustainable future in Türkiye
The European Bank for Reconstruction and Development (EBRD) is extending up to USD 100 million in financing to Adnan Polat Enerji Yatirimi A.S. (APEY) as part of a financing package jointly provided by Turkiye Is Bankasi, Turkiye Sinai Kalkinma Bankasi (TSKB) and Garanti BBVA. The new EBRD loan will help APEY to develop further 203 MW in renewable energy capacity in the next three years. The investment aims to provide a fresh boost to the renewable energy sector in Turkey.
APEY is one of the sector’s prominent players in Turkey with a total installed capacity of 695 MW under two subsidiaries Erguvan RES (110 MW) and Polat Enerji (585 MW). Maxis, an Is Group private equity investment fund, shares ownership in APEY with Polat Holding.
The expansion includes 53 MW in wind and 150 MW in solar capacities, which will prevent the emission of approximately 154 000 tonnes of carbon dioxide each year from the Turkish power system by generating 438 000 GWh of electricity per year.
“We are delighted to work with a renowned and experienced renewable energy investor to speed up the transition to clean energy in Turkey. Turkey has an immense potential in renewable resources, and the EBRD continues to support the country in advancing its green agenda and meeting its commitments under the Paris Agreement”, said Aida Sitdikova, EBRD Director of Energy Eurasia MEA.
A joint statement from Polat Holding and Maxis highlighted their common goal of supporting the country’s transition to clean energy: “We established a joint partnership in APEY last year to contribute to the renewable energy sector in Turkey and to the country’s economic growth. Through this loan, APEY will further strengthen its position in the clean energy sector, lower carbon emissions and play a more active role in securing sustainable energy resources for our country.”
Recently the EBRD announced that it is also extending up to EUR 50 million in financing to Yapi Kredi Leasing to expand financing opportunities for borrowers committed to green investments and mitigating climate risks. Yapi Kredi Leasing is the largest leasing company in Turkey with a strong track record of transformative green energy endeavours.
The financing will be the second loan provided under the EBRD’s EUR 500 million Green Economy Financing Facility (GEFF) initiative, and will allow Yapi Kredi Leasing to offer financing to sub-borrowers implementing green economy investments on various sustainable measures, including energy efficiency, renewable energy and climate resilience. Yapi Kredi will be the first leasing company to use the GEFF loan. Funded by grants from the Bank and the Clean Technology Fund (CTF), Yapi Kredi Leasing will receive a technical assistance package to support its on-lease practices and enhance equal access to green financing.
The EBRD is a leading institutional investor in Turkey. It has invested more than EUR 16,5 billion in 378 projects in the country since 2009, with the overwhelming majority of those projects being in the private sector.
LATEST issue 4/2023